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Westpac profit down

Staff Reporter 4 minute read

Westpac has reported an 11 per cent drop in its net profit for the year ended 30 September 2009.

According to the bank’s full year results, released this morning, pro forma cash earnings were also down 8 per cent to $4,627 million.

But despite the drop in profits, Westpac’s chief executive officer Gail Kelly said the group had managed to achieve a sound financial performance in what had been a very challenging year.

“We have remained strong in uncertain times by being well capitalised, well funded and well

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provisioned,” Ms Kelly said.

The bank did manage to grow its mortgage book by 17 per cent, highlighting the continuing strength of its retail franchise.

Ms Kelly said the bank’s average funding costs were expected to increase further as the competition for retail deposits remain, and as wholesale funding is sourced at a cost well above pre-crisis levels.

“In addition, as government fiscal support begins to be scaled back and interest rates move upwards from their very low emergency settings, ongoing caution is likely to be applied to consumer and business budgets,” Ms Kelly said.

“Against this backdrop, however, The Westpac Group enters the 2010 financial year with solid business momentum, with a strengthened balance sheet and excellent provisioning cover.”

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